Singer Finance PLC plans to raise Rs. 2 billion via the issuance of Listed, Rated, Unsecured, Subordinated Redeemable Five Year debentures of Rs. 100 each.
It will issue 10 million debentures initially and in the event of an oversubscription a further 10 million will be offered.
Type A debentures would be at a fixed coupon rate of 9.25% p.a. (AER 9.25%), payable annually and Type B debentures at a floating interest rate of one-year T-Bill Rate + 3.75% p.a., payable annually.
The issue is now up for subscription whilst official opening is 18 June.
Main objective of the Debenture Issue is to expand and strengthen the capital base of the company and to maintain the capital adequacy requirements as stipulated by the Central Bank.
NDB Investment Bank Ltd. and Capital Alliance Partners Ltd. are the joint managers and placement agents to the issue.